We are no longer so sure materialism defines the good life; that meritocracy is attainable. The world has gotten so big, fairness is purely theoretical. Modernity is so old, we no longer believe consumerism will solve our spiritual problems. The conceptual supports for the American Dream are up for debate.

And by engaging in this debate, we... See more

Life expectancy and birth rates are falling; our governing institutions are as leaky and unreliable as the New York City subway; cheap rent, the historic precondition of artistic adventure, has all but disappeared from the country’s major urban centers; productivity growth is stuck in first gear; and for all the blather about “de-risking” and the... See more

Housel argues that expectations take a long time to change, and that people are still expecting to go back to the way things were in the 1950s, when working hard meant a good house, a good car, and social status. Trump leans into that, and Warren leans into that, but it’s a fairy tale. There’s no going back.  In absolute terms, Housel points out,... See more